Beijing weakens yuan reference rate

China lowered the yuan reference rate to its weakest level since September despite criticism from the US that Beijing was artificially holding down its currency, South China Morning Post reported. This year the onshore yuan has depreciated 2.8%, owing to growing concerns over China’s economic slowdown and the stability of its financial system. In response, the US treasury released a report on Tuesday which accused China of weakening its exchange rate but went short of calling it a currency manipulator. Chinese officials said they would continue to push for exchange rate reform.